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[[preprinted]]
SMITHSONIAN INSTITUTION 550 
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[[preprinted left margin]]
MADE BY BAKER-VAWTER CO. 
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value of over $2,500,000. Of these shares, 6,546 are deposited with the American Security Trust Company of this city, to secure a demand note (originally for $200,000), at 6 per cent per annum, said note given for the purpose of liquidating Federal and inheritance taxes against the estate. By applying dividends on the Parke, Davis shares and a partial cash payment on the residue of the estate (which will eventually be invested and form a part of the Freer residuary fund), the above mentioned loan has now been reduced to $79,250.

There remains in cash in the hands of the Institution the sum of $28,051.05 with which to complete and equip the Freer Gallery of Art. There are also several specific Freer accounts with sufficient balances for current requirements, as follows:

[[table with three columns]]
 | Cash Balance Nov.30,1922. | Estimated Liabilities to January 1, 1923.
 | ============== | ==============
Curator Fund | $ 3,155.11 | $  875.00
Court and Grounds | 21.83 | --- --
Court and Grounds, Maintce. | 969.39 | 300.00
Residuary | 11,207.61 | 1500.00
Building | 26,939.25 | 1800.00
 | --------------- | ---------------
 | $42,293.19 | $ 4475.00
[[/table]]

Estimated balance uncommitted and available for interest and curtail of note ... $37,818.19

[[underline]] Virginia Purdy Bacon Bequest [[/underline]] - This bequest was given to establish the Walter Rathbone Bacon (traveling) scholarship for the study of fauna of "countries other than the United States". The invested fund now amounts to $48,300.00.

[[underlined]] Bruce Hughes Bequest [[/underlined]] - This bequest, which was given to establish the Hughes Alcove, has been settled, and amounts to $11,604.53.

[[underlined]] Frances Lea Chamberlain Fund [[/underlined]] - Founded by Dr. Leander T. Chamberlain as a memorial to his wife. It amounts to $35,000.00, and the income is expended in the improvement and increase of the Isaac Lea collections of "Mollusks" and of "Gems and Gem Material", both in the National Museum.
[[initialed]] CDW [[/initialed]]